JP Morgan Chase on Wednesday raised its forecast for China’s GDP for the fourth quarter and 2022. The previous November data confirmed some positive trends in the October data.
The bank said that it now expects China’s fourth-quarter growth rate to be 4.9% compared with the previous forecast of 4.0%, but it maintains its full-year forecast for 2021 at a year-on-year growth of 7.8%. However, the bank has raised its forecast for the whole year of next year, and now expects China’s economy to grow by 4.9% for the whole year next year, compared with the previous forecast of 4.7%.
“The economic activity data for November was generally mixed: there were surprises in trade, disappointing in retail sales, and industrial production and fixed investment roughly in line with our forecasts,” said Zhu Haibin, an economist at JPMorgan Chase, to clients. It was pointed out in a report.
“Combining the activity data in November and the robust data in October, we have moderately raised our GDP growth forecast for the fourth quarter.”
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